The pea protein market (henceforth, referred to as the market studied) is projected to register a CAGR of 11.28% during the forecast period, 2020 - 2025.
- The increasing demand for plant protein-based products across the world is driving the key players to expand their plant protein businesses, along with new product development, in line with consumer trends. - The market studied is also witnessing a significant increase in the adoption of pea protein across several end-user industries, especially in nutritional supplements, meat extenders, and substitutes, due to its high protein content and sustainability.
Key Market Trends Increasing Demand for Plant-derived Alternatives to Animal-derived Food
The popularity of pea protein in food products is increasing due to the shift in demand from animal protein to plant protein. This inclination toward plant-based diet is associated with factors, such as sustainability, health, religious views, and environmental and animal rights. According to the data published by the Plant Based Foods Association, plant-sourced foods in the United States witnessed notable growth during 2017 and 2018, with a 50% rate alone registered by dairy alternative foods.
Moreover, the production of plant proteins is considered more environmentally economical than animal proteins. Thus, government associations around the world are also encouraging the consumption of sustainable and vegetarian food sources. For instance, the European Vegetarian Union (EVU) encourages the EU commission to limit the production of animal products within its climate policy. The EU also encouraged the decision makers to implement strategies, in order to support the societal dietary transition.
North America Dominates the Market, with Asia-Pacific the Fastest Growing Market
North America is the largest market, followed by Europe. Asia-Pacific is an emerging market in the sector due to its increasing health-conscious and western-influenced populations. The developing countries of South American and Asia present the most attractive markets due to larger younger populations that are employing.
Due to the huge scope of development of the pea protein market in China, many local producers are entering the market, with the aim to cater to various pea protein products that serve as the applications for the various industry segments. For instance, in 2019, Shandong Jianyuan Group, one of the major players in the market that produces a wide range of pea protein powders with varying protein content to be widely used in the food and supplementary industry, announced its plans to expand its pea production facility in the country.
Competitive Landscape The market studied is highly fragmented with many local and international players competing for market share. Ingredion Incorporated holds the dominant position in the market studied. Other major players in the market include Cargill Inc., Dupont, Roquette Frères, and Axiom Foods Inc. Along with production expansion, companies are resorting to product innovation to cater to the increasing demand for pea protein products.
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